The Federal Reserve appears likely to raise its key interest rate next week, with minutes from the central bank’s most recent meeting showing some officials wanted to raise rates last month.
While the Fed skipped hiking rates in June, minutes of the last meeting indicate some officials pushed to raise rates by one-quarter of their percentage points.
At the June meeting, 11 voting members of the Fed’s interest-rate setting committee agreed to pause on hiking rates. Twelve of the 18 members projected at least two more rate hikes this year, beginning as soon as this month.
The Fed’s key interest rate stands rate at about 5.1%, the highest level in 16 years. But inflation remains high, and the economy is proving more resilient than Fed officials expected. Read more.